WEB DESK, July 13(ABC): Airlift — the Lahore-based online shopping delivery firm — has decided to “permanently” shut down its operations amid a global recession.
The company announced the decision via a press release on Tuesday.
“While the global recession and recent downturn in capital markets has affected economic activity across the board, it has had a devastating impact on Airlift and rendered its shut-down inevitable,” read the statement.
“On July 12th, Airlift’s operations will shut down permanently. This has been an extremely taxing decision that impacts a large set of stakeholders and an emerging technology ecosystem,” the startup said.
According to the statement, Airlift was able to prove itself in recent years as one of the most “resilient and agile startups” coming out of emerging markets. The company was able to navigate the COVID-19 crisis, “pivoting into q-commerce and building scale in a new domain”.
The Pakistani startup secured $85 million Series B financing last year with an aim to expand internationally.
A pioneer in the recent wave of technology businesses, Airlift Technologies was started in Pakistan by local entrepreneurs for local populations.
According to a report, Airlift was operating a quick commerce service in eight cities including Lahore, Karachi, and Islamabad in Pakistan.
Users were able to order groceries, fresh produce, other essential items including medicines as well as sports goods from the Airlift website or app and have the items delivered to them in 30 minutes.